Cramer's 'Mad Money' Recap: June 23

"I'm a lot more worried about another Valdez than I am about another Union Oil spill," he said.

Cramer supported the push for off-shore drilling to tap the estimated 18 billion barrels of oil and 76 trillion cubic feet of natural gas in areas that are currently off limits. "This could make a lot of money and put a lot of people to work," he said.

"I want more rigs," said Cramer, "we have the technology." He said he will be spending the rest of week on companies that are involved in clean offshore drilling.

Seismic Mapping

Cramer recommended French seismic surveyor Compagnie Generale de Geophysique-Veritas (CGV Quote) as his first recommendation for clean off-shore drilling.

CGV, as its known on Wall Street, is the only pure-play on offshore seismic technology, he said. The company's revenue is currently split between seismic imaging services and seismic equipment sales, with services accounting for 66% of its revenue.

According to Cramer, CGV controls 60% of the market for this type of seismic equipment, making it a market leader worldwide. The company is expecting strong growth, with increased demand from Brazil and the Gulf of Mexico. CGV's services are currently sold out for 2008 and its currently taking bids for its resources for 2009.

He called CGV "the cheapest stock left in the group," and recommended it as a buy on growth alone. He said that if Congress lifts the ban on additional off-shore drilling, it would be a windfall for CGV.

A Blockbuster Mistake

Cramer updated his "Wall of Shame" list of CEOs who destroy the value of the companies they head.

He added James Keyes, chairman and CEO of Blockbuster (BBI Quote), to the list for his plans to purchase ailing electronic retailer Circuit City (CC Quote).

Cramer said he was a big fan of Keyes and Blockbuster, even recommending the stock on March 7 at $2.72 a share.

Keyes, he said, was a fabulous CEO and a miraculous turn-around artist. In March, noted Cramer, Blockbuster was paying down debt, cutting costs, raising prices, and transforming itself into the place to not only rent, but also buy movies, games and more.

But then, said Cramer, in one single blow, Keyes destroyed 35% of his company's value and with it, and chance of continued success. "He totally wrecked the stock," said Cramer, noting that BBI shares are down 24% since the acquisition was announced.

He said Blockbuster could be worth as much as $5 a share if Keyes were to only scuttle the deal and walk away.

Cramer called the Circuit City deal ludicrous. He said Circuit City would be going out of business if left to its own devices. He asked why any company would pay a premium for a dying entity. "These are two different companies in two different businesses," he noted. "There aren't any cost savings here."

Cramer cited his own track record on Blockbuster as more proof that he knows the company and the industry. He recommended Blockbuster on Nov. 6, 2006, and told viewers to sell near its 52-week high on March 22, 2007 for a 56% gain.

With the stock now at a 52-week low, Cramer told viewers to stay away at all costs.

Mad Mail

In this segment, Cramer told a viewer that if hedge funds win out over incumbent CEO Michael Ward of CSX (CSX Quote), the stock might see a small boost, but long term it could be cut be a third.

"Those guys know nothing," he said, referring to the hedge funds calling for Ward's ouster.

Cramer told a second viewer that a rising tide will lift all boats, including the shares of Tidewater (TDW Quote), which have been lagging its peers.

Sudden Death

Cramer was bearish on BCE (BCE Quote) and Activision (ATVI Quote).

Lightning Round

Cramer was bullish on Eaton (ETN Quote), Emerson Electric (EMR Quote), Honeywell (HON Quote), Precision Castparts (PCP Quote), Frontline (FRO Quote), Nordic American Tanker Shipping (NAT Quote), Sociedad Quimica (SQM Quote), Flir Systems (FLIR Quote) and Titan Machinery (TITN Quote).

Cramer was bearish on Orion Energy Systems (OESX Quote), Paragon Shipping (PRGN Quote), Buffalo Wild Wings (BWLD Quote), Fiserv (FISV Quote) and National Coal (NCOC Quote).

Want more Cramer? Check out Jim's rules and commandments for investing by clicking here.

For more of Cramer's insights during the Lightning Round, click here.